Falling oil prices: for how long can gas prices prop up the oil prices?
The fall of the prices of crude oil has been continuing for the whole week despite the obvious supply woes: the price of WTI and Brent fell below $90 and $100 respectively for the first time since the Russia-Ukraine war. As of 13:40 GMT, the price of WTI and Brent were at $88.66 and $94.32 respectively. It is clear the fact that the US, world's larges economy, fell into recession played a major role in the lingering anxieties of the investors; the news that broke out on Thursday with the warning about the UK also falling into recession this year did not help alleviate the sentiments. Both the US and UK saw a sharp contraction of their respective economies, which is often blamed on the rising energy costs. Although the Biden administration questions the technical definition of a recession, despite the economic showing contractions for two successive quarters, the Governor of the Bank of England did not mince his words while announcing the impeding disaster, while hiking the inte